You are using an outdated browser and your browsing experience will not be optimal. Please update to the latest version of Microsoft Edge, Google Chrome or Mozilla Firefox. Install Microsoft Edge

March 5, 2026

Thai SEC Heightens Enforcement Against Cross-Border Digital Asset Platforms

Subscribe to Updates

Thailand’s Securities and Exchange Commission (SEC) has filed a criminal complaint against a licensed digital asset broker, its overseas trading platform, and its executives for allegedly operating an unlicensed digital asset exchange targeting Thai customers. The case marks an escalation in the SEC’s enforcement efforts against unlicensed offshore platforms that attempt to serve Thai users through local licensed entities.

Criminal Complaint

On February 20, 2026, the SEC filed a criminal complaint with the Economic Crime Suppression Division against a local licensed digital asset broker, its overseas global trading platform, and its executives. The SEC alleges that the parties violated the Digital Asset Business Emergency Decree B.E. 2561 (2018) by cooperatively operating a digital asset exchange business on a cross-border basis since 2023 without the required SEC license.

According to the SEC, the local broker promoted the overseas platform’s services to the public through Thai-language posts on social media channels, with services available exclusively to customers residing in Thailand. Access to the global platform was provided through the local broker’s website and mobile application. Customers who registered for the local broker’s services were automatically granted access to the global platform without having to undergo a separate identity verification process. The SEC also found that the local broker provided back-office system support services to the global platform.

The SEC considers these activities to constitute joint operation of an unlicensed digital asset exchange. The former executives of the local broker are being held liable as the responsible persons during the relevant period. The SEC emphasized that the complaint initiates the criminal process, and the decision to prosecute or convict the accused parties will ultimately be made by law enforcement authorities and the criminal courts.

Platform Blocking

The SEC has also coordinated with the Ministry of Digital Economy and Society to block public access to the global platform under the Emergency Decree on Measures for the Prevention and Suppression of Technology Crime (No. 2) B.E. 2568 (2025). Access is expected to be restricted beginning March 22, 2026. The SEC has cautioned current users in Thailand to take appropriate steps regarding their digital assets held on the platform before the blocking date and reiterated its warning against using the services of unlicensed digital asset operators.

Key Takeaway

This enforcement action reflects the SEC’s heightened scrutiny of unlicensed offshore digital asset platforms and demonstrates that such platforms may not rely on local licensed entities to offer cross-border trading services targeting Thai users.

Related Professionals

Industries

Fintech

Technology

Location

RELATED INSIGHTS​ 

December 2, 2022
On November 11, 2022, Myanmar’s Ministry of Commerce (MOC) announced a pilot period for importing electric vehicles into Myanmar, which came into force with MOC Order No. 62/2022, issued under the Import and Export Law. A separate order (No. 61/2022) issued on the same day specifies rules for importation of motorcycles by companies that do not have a certificate to open a showroom, as well as rules for opening motorcycle showrooms. Electric Vehicle Importation According to the order, which takes effect January 1, 2023, “electric vehicles” includes only battery electric vehicles (BEVs) for both personal use and passenger use. In order to import electric vehicles into Myanmar without having a certificate to open a showroom, companies must: Be registered as a company, either wholly owned by nationals or a joint venture, at the Directorate of Investment and Company Administration (DICA); Be able to present the purchase and sales agreement for each brand of imported electric vehicles; Receive approval from the National Steering Committee for Development of Electric Vehicles and Associated Businesses, and import according to the quality and quantity of electric vehicles permitted by the committee; Arrange the necessary warranty, spare parts availability, and after-sales service for the imported electric vehicles; Deposit a bank guarantee of MMK 50 million at a bank recognized by the Central Bank of Myanmar; and Apply for a purchase permit at the MOC, for the purpose of registering the imported vehicles with the Road Transport Administration Department. BEV Tax Exemption Following MOC Order No. 62/2022, BEVs and their batteries are now exempted from commercial tax and special goods tax, which came into force with the Law Amending the Union Tax Law 2022 (State Administrative Council Law No. 48/2022) dated November 17, 2022. These tax exemptions will be effective from October 1, 2022, to March
Read More
November 4, 2022
Lawyers from Tilleke & Gibbins in Cambodia, Laos, Myanmar, Thailand, and Vietnam have contributed to the new Multilaw Global Checklist for Monitoring Staff Data, which compiles essential information on regulations related to collection of data on employees. Such collection of data is an increasingly important concern for employers and entrepreneurs as the world pays closer attention to diversity, equality, and antidiscrimination in the workplace. The checklist contains fundamental information for each jurisdiction on legal considerations pertaining to employment diversity surveys and what can and cannot be asked. The table-style list is global in scope, with a separate line for each jurisdiction. The jurisdictional entries are grouped by region, allowing the reader to quickly compare how various countries treat different issues in each part of the world. In each column is a common question about how employers can monitor staff data in full compliance with the law, covering issues such as: Requesting data from employees; Type and format of data captured; Data storage and access; Retention of data; Intra-group cross-border data transfers; and Specific considerations for each jurisdiction. Multilaw, of which Tilleke & Gibbins is a member, is a global network of carefully selected, independent law firms consisting of over 10,000 commercial lawyers in more than 100 countries, able to provide expert legal advice in complex environments around the globe. The full checklist is available for free on the Multilaw website.
Read More
November 1, 2022
Background Thailand’s Personal Data Protection Act 2019 (‘PDPA’) is the country’s first unified data privacy legislation for personal data protection. Coming at a time when people around the world are increasingly aware of the risks and negative consequences of their personal data being compromised, the PDPA seeks to align with international standards, such as the General Data Protection Regulation (Regulation (EU) 2016/679) (‘GDPR’). Prior to the enactment of the PDPA, privacy rights were recognised in the Constitution of the Kingdom of Thailand. Beyond this, the handling of personal data was governed by specific regulations for a handful of sectors, such as telecommunications, financial institutions, securities, and life sciences. The PDPA was announced in the Royal Gazette of the Kingdom of Thailand on 27 May 2019, with an exemption for the enforcement of its requirements in relation to the collection, use, disclosure, and transfer (‘process’ or ‘processing’) of personal data, as well as its provisions on data subjects rights. After some delays caused by the impact of the COVID-19 pandemic over the past two years, the PDPA finally came fully into force on 1 June 2022. Unlike most legislation in Thailand, the PDPA has an extraterritorial aspect whereby data controllers and data processors outside Thailand may be subject to the PDPA if the processing activities they undertake fall under the criteria prescribed in the PDPA. The basics The PDPA defines personal data as any data pertaining to a living natural person that enables the identification of that person, whether directly or indirectly, such as phone number, address, email address, or anything else that might enable the data subject’s identification. The PDPA applies to personal data in any form, whether digital or otherwise. The PDPA introduces two main roles relating to the handling of others’ personal data: the data controller and the
Read More
October 21, 2022
On September 21, 2022, the Electronic Transactions Development Agency (ETDA) held another public hearing on the draft Royal Decree on Digital Platforms and its sub-regulations. This updated draft Royal Decree on Digital Platforms (which is subsequent to a previous round of updates last year) is anticipated to be the final draft before it is proposed to the king for endorsement. Thereafter, it will be published in the Government Gazette and will become effective 240 days after the publication date. The key issues under the latest draft royal decree are as follows: Exemption for certain regulated businesses. The current draft royal decree exempts business operators that are regulated by the Bank of Thailand or the Securities and Exchange Commission, as well as digital platforms operated by government agencies for noncommercial purposes, from the application of the royal decree. Nevertheless, these business operators must ensure that their digital platform has transparency, fairness, and standards which are not less than those required under the Royal Decree. Definition of digital platform. According to the public hearing, the definition of a digital platform has been amended to exclude digital platforms that are used to offer the goods or services of a digital platform provider or its affiliate acting on its behalf, regardless of whether the offering of such goods or services is made to a third party or the affiliate. Appointment of a local contact. Instead of appointing a local representative with no limit of liability, the current draft royal decree only requires offshore digital platform providers to appoint a local contact to coordinate with the ETDA. The local contact must not operate any business in Thailand under the Foreign Business Act. Notification of the ETDA. Digital platforms as defined under the royal decree must notify the ETDA of certain information—such as the name
Read More